High-frequency workforce activity data from payroll tracking firm Ultimate Kronos Group (UKG) shows that shift work in the United States declined for the second month in a row in September, casting a shadow over the closely watched government report due on Oct. 8 that will reveal how many jobs the U.S. economy created last month….
Bank of America Raises US Minimum Hourly Wage to $21
Bank of America Corp. said on Wednesday it had raised its U.S. minimum hourly wage to $21, as it works to keep its promise of increasing the pay to $25 an hour by 2025. Bank of America in May disclosed plans to raise its minimum wages for its U.S. employees, joining a clutch of firms…
Oil Retreats From Multi-Year Highs After US Stock Build
NEW YORK—Oil prices dropped nearly 2 percent on Wednesday after hitting a multi-year highs, taking a breather from its torrid gains of late after U.S. crude inventories rose unexpectedly. The latest surge in the price of crude had been underpinned by the refusal of the Organization of the Petroleum Exporting Countries and allies to boost…
US Natgas Volatility Jumps to a Record as Prices Soar Worldwide
October 6, 2021
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Volatility in U.S. natural gas futures jumped to a record on Tuesday on the back of an energy crunch in major world markets that has sent prices soaring globally. Natural gas prices are at record levels in Europe and Asia, as major markets like China struggle to find enough fuel to meet demand that has…
UK’s Johnson Vows to Move Towards High-Wage, Low-Tax Economy
British Prime Minister Boris Johnson has vowed to reshape the UK economy towards a “high-wage,” “low-tax” system, despite his recent decision to raise taxes in violation of his own election pledge. Speaking at the annual conference of the ruling Conservative Party on Wednesday, Johnson said his economic vision can be achieved through controlled immigration and…
IMF Sees Inflation Subsiding in 2022, Supply Risks May Keep It Elevated
October 6, 2021
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WASHINGTON—The International Monetary Fund said on Wednesday that headline consumer price inflation should peak this fall and recede to pre-pandemic levels by mid-2022, but risks remain that shortage-driven inflation spikes could prove more persistent, unanchoring expectations. The IMF’s baseline forecasts for advanced economies shows headline inflation peaking at 3.6 percent in the fall of 2021…
US Private Payrolls Beat Expectations in September
WASHINGTON—U.S. private payrolls increased more than expected in September as COVID-19 infections started subsiding, boosting hiring at restaurants and other high-contact businesses. Private payrolls increased by 568,000 jobs last month, the ADP National Employment Report showed on Wednesday. Data for August was revised lower to show 340,000 jobs added instead of the initially reported 374,000….
From Bratwurst to Jamon: EU Pork Sector Crown Shifts to Spain
MADRID/HAMBURG—When he was a child in Avila province, Albert Pascual’s father bought 100 pigs, but the company he now leads has more than 9,000—part of a major expansion that has put Spain on track to take over as the European Union’s top pork producer this year. “My father sold pigs at a time, in the…
Wall Street Slides on Inflation Worries; ADP Jobs Beat Sparks Taper Fears
October 6, 2021
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Wall Street’s main indexes opened lower on Wednesday after soaring oil prices fed into fears of higher inflation, while a survey showing a strong rise in private jobs last month fueled concerns of a sooner-than-expected easing of monetary stimulus. The Dow Jones Industrial Average fell 115.71 points, or 0.34 percent, at the open to 34,198.96….
Wall Street Falls as ADP Jobs Beat Sparks Taper Fears
October 6, 2021
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U.S. stock indexes fell on Wednesday after a strong showing of private jobs in September fueled concerns of a sooner-than-expected easing of monetary stimulus in the face of growing worries of higher inflation. The ADP National Employment Report showed private payrolls increased by 568,000 jobs last month. Economists polled by Reuters had forecast a rise…
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